COAST SALISH TERRITORY, British Columbia, March 9, 2022 (GLOBE NEWSWIRE) —Today, 11 member communities of the First Nations Major Projects Coalition (“FNMPC”) own a stake in Coastal GasLink (“CGL”). Signed a historic option contract for. ..
FNMPC has played an important role in promoting partnerships between businesses, indigenous peoples, and governments and supporting desirable outcomes. With the support of FNMPC, 11 First Nations will rally under the CGL First Nations Limited Partnership (“CGL FNLP”) and the collective interests of Member States to achieve viable capital participation opportunities in the project. Promoted.
Together, CGL FNLP purchased a 10% stake in CGL, along with other indigenous peoples affected by the Coastal GasLink project. This option is expected to be exercised shortly after the project’s commercial working day, subject to normal regulatory approval and consent, including LNG Canada’s consent.
“The signing of an option agreement represents a historic milestone in our desire to participate as a shareholder in Coastal GasLink. Achieving this milestone is the capacity support provided by the First Nations Major Projects Coalition. It wouldn’t have been possible without it. For many of us, this is the first time our country has been included as the owner of a major natural resource project that crosses our territory, “said the CGLFN GP Inc Executive Committee. Corrina Leween, chief of the Cheslatta Carrier Nation, a member of.
“FNMPC is proud to help First Nations, an 11-member member, cross the line to make this deal a reality. Our efforts will help First Nations succeed in business. It truly represents First Nations. I would like to congratulate the members for their cooperation in achieving this historic achievement.
“We are proud to advance our relationships with indigenous communities throughout the route through our ownership of Coastal GasLink. Together, as business partners, we learn, grow and change how energy is developed in Canada. There is an opportunity. This is one way to proceed with the reconciliation, “said Francois Poirier, President and Chief Executive Officer of TC Energy.
FNMPC played a leading role as a general advisor to CGLFN GP Inc. The transaction is financially advised by National Bank Financial and legally advised by Gowling WLG.
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The First Nations Major Projects Coalition (FNMPC) is a non-profit organization of more than 85 indigenous communities across Canada. FNMPC members recognize that we have been established to strengthen together and promote the common interests of our members. Advancing major projects is at the core of FNMPC’s service delivery. FNMPC’s technical team is actively committed to supporting the member community with tools related to corporate structure and profit sharing models, capacity support, advice, and tools to facilitate environmental protection and impact assessment. I’m out.
About Coast GasLink:
Coastal GasLink Pipeline Ltd. (Coastal GasLink) is 48 inches in diameter, 670 kilometers (48 inches in diameter) to safely transport natural gas for liquefied natural gas (LNG) exports from the Groundbirch region west of Dawson Creek, British Columbia. We are building a pipeline (416 miles).Facility under construction by LNG Canada and its joint venture partner near Kitimat, British Columbia
Prior to construction, approved coastal gas link routes were indigenous, landowner and stakeholder opinions, environmental, archaeological and cultural values, land use suitability, safety, constructability and It was decided in consideration of economic efficiency. Coastal GasLink meets stringent environmental and safety standards while meeting the growing demand for cleaner energy. In the course of the project, Coastal GasLink will create more than 4,500 short-term jobs and bring millions of economic benefits to the community. Coastal GasLink promises to hire locals and indigenous peoples first, creating employment and contract opportunities that benefit the British Columbia, state, and Canadian economies. Coastal GasLink, a TC Energy project contracted to operate the pipeline, has an initial capacity of 2.1 billion cubic feet (bcf / d) per day and provides abundant supply of the West Canada Sedimentary Basin to the global market. Represents the first direct route to connect. .. For more information, please visit CoastalGasLink.com.
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FNMPC members sign historic agreement to acquire shares in Coastal GasLink, The Canadian Business Journal
Source link FNMPC members sign historic agreement to acquire shares in Coastal GasLink, The Canadian Business Journal